Whether it’s business going bust or unemployment, the economic turmoil is a result of our own doing.
Read time: less than a min.
We, as consumers, demand good quality at the cheapest rate and now.
Consumerism creates an ecosystem where only the fittest survives. It works when it is driven for quality excellence and superior customer experience. However, it loses its effect when profitability and market share become the sole motives.
The providers become leaner to become competent and squeeze their suppliers to provide raw material at the lowest rate. The supplier does the same down the chain until the top to bottom exploitation starts affecting the people who are not just producers but also consumers of those goods or services.
The race to become the leanest often compromises the quality of the product resulting in recalls and inadequate services and breach of promises.
Unloading dead weight is essential, but in a frenzy to be competitive, crucial parts of the organizations are often replaced with cheaper alternatives or removed altogether.
Prices are set based on consumers’ perceived value. That’s why there is not much debate or haggling on price when buying the newest high-end phones, for instance. But, we will question the price of a product produced locally.
Where do we need to change?
It’s a vicious circle. Consumerism and profitability cannot rise exponentially without a decline in people’s welfare and economic disparity.
Please support your local economy even though it may not be the cheapest alternative.
A concerted effort all over will start to make a difference.
Thank you for sharing some of your precious time with me each week. Leave a comment if you liked it.
Stay safe, stay hopeful.
With gratitude, until next week.